Pretium Credit Management LLC

Item 5 – Fees and Compensation

Advisory Fees and Compensation

        The fees and expenses applicable to each Client are set forth in detail in each Client’s
Governing Documents. In master-feeder structures, the master fund has been named below.
Furthermore, the Investment Adviser can, in its sole discretion, reduce, waive or calculate differently
the management and/or the performance fee with respect to certain investors, including, without
limitation, shareholders that are members, partners, affiliates or employees of the Investment
Adviser, or members of the immediate families of such persons and trusts or other entities for their
benefit.

Valcour Credit Income Partners Master Fund Ltd. (“VCIP”)

       Pursuant to the investment management agreement, PCM charges VCIP a fixed management
fee payable monthly (prorated for partial months). The management fee is equal to 0.125% (1.5%
annualized) of the month-end net asset value of each Series of Class A shares of VCIP and 0.1666%
(2.0% annualized) of the month-end net asset value of each Series of Class B shares of VCIP.
        In addition to management fees, PCM is entitled to a performance fee equal to 20% of the
increase in the net asset value of VCIP shares during each calendar year. A high-water mark is
employed so that no performance fee is charged with respect to any share until any decline in the net
asset value of such share in any prior year is offset by subsequent increases in the net asset value of
such share. Because VCIP’s assets are recorded in VCIP’s financials accounts at their fair value, the
performance fee reflects any net changes in the unrealized appreciation or depreciation in the value
of VCIP’s portfolio as of the close of each year as well as gains and losses realized during the year
and net investment income or loss. An additional computation of the performance fee is made as of
each date prior to the close of a calendar year when any shares are redeemed (as if such redemption
date were the close of a calendar year). The amount of any performance fee attributable to the shares
being redeemed is earned and payable to the Investment Adviser.

Pretium Structured Credit Opportunities Master Fund II, L.P. (“PSCOF II”)

      Pursuant to the investment management agreement, PCM charges PSCOF II a fixed
management fee payable monthly (prorated for partial months). The management fee is equal to
0.125% (1.5% annualized) of the month-end drawn capital.

        In addition to management fees, PCM is entitled to a performance fee equal to 20% of the
realized return to PSCOF II investors after such investors have received an 8% preferred return
(compounded annually each December 31).

Pretium Legal Opportunities Master Fund, L.P.

       PCM charges a management fee of 2% on capital commitments through the investment

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Form ADV Part 2A: Firm Brochure

period and 2% on investment capital post investment period.

        In addition to management fees, PCM is entitled to a performance fee equal to 20% of the
realized return to investors after such investors have received an 8% preferred return.

Pretium Mezzanine Credit Opportunities Fund I, L.P.

      PCM charges a management fee payable quarterly in advance equal to 0.1875% per quarter
(0.75% per annum) of the net asset value at the beginning of such quarter.

         PCM or its affiliates is entitled to a performance fee equal to 15% subject to a hurdle of 300
basis points plus a trailing 12 months’ average of the three-month Secured Overnight Financing Rate
that is determined on a daily basis.

CLO Fees

        CLO fees are calculated based on the applicable asset amount as of the first day of the related
due period. The applicable asset amount is equal to the aggregate principal balance of all collateral
obligations plus cash representing principal proceeds. Management fees for CLOs are comprised of
“senior” and “subordinated” management fees. The total of these fees generally does not exceed 50
basis points per annum. The trustee bank for each CLO calculates and pays the management fees on
a quarterly basis.

       In addition, PCM or Pretium Credit CLO Management, LLC, as applicable can be eligible for
an incentive management fee that is payable once the returns on the subordinated notes issued by the
CLO exceed a stated amount (a “hurdle rate”). All management and incentive fees are governed by
the CLO indenture, collateral management agreement, and private offering memorandum.

Employee Funds

         Management fees and/or incentive allocation will not be paid by employees (or former
employees) of Pretium affiliates in connection with their direct investments in Clients or in
connection with their investments in the employee fund that invests in a Client. However, employees
are responsible for any applicable interest expenses. Notwithstanding the foregoing, employees who
are direct investors in a Client will pay for their pro rata share of Additional Fees and Expenses (as
further described below) incurred by the Client. If the employee is invested in the employee fund
that invests in a Client, the pro rata share of such Additional Fees and Expenses will be allocated to
the employee and paid for by the management company. Allocations will be calculated based on
capital commitments, invested capital, available capital or other metrics as determined by the
relevant general partner or affiliate in its sole discretion. Any such methodology involves inherent
conflicts and will, in certain circumstances, not result in perfect attribution and allocation of
expenses.

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Form ADV Part 2A: Firm Brochure

Additional Fees and Expenses

       The Clients (and therefore the investors in the Clients) will bear and be charged with all costs
...

Item 7 – Types of Clients

       PCM provides investment management services on a discretionary basis to pooled investment
vehicles and the CLOs. The underlying investors in these Clients are typically institutional and high
net worth investors.

       Investors in the Funds must be “accredited investors” as determined under Regulation D
under the Securities Act of 1933, as amended, “qualified clients” as defined for purposes of Rule
205-3 under the Advisers Act, and “qualified purchasers” or “knowledgeable employees” as defined
and interpreted for purposes of Section 3(c)(7) of the Investment Company Act. The Funds have
minimum capital commitments for investing, which minimum can be waived by the Fund’s General
Partner.

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Form ADV Part 2A: Firm Brochure